CANADA STOCKS-TSX falls on commodities, election anxiety

Wed Apr 27, 2011 11:11am EDT
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*TSX fall 108.24 points, 0.8 pct, to 13,800.86

*All 10 sectors weaker, lead by resources (Updates with details, comments)

By Claire Sibonney

TORONTO, April 27 (Reuters) - Toronto's main stock index fell to its lowest point in nearly a week on Wednesday morning in a broad-based decline led by weaker commodity shares and uneasiness about the impact of the surge of the left-leaning New Democrats in the lead-up to Canada's May 2 election.

Among the big decliners, Potash Corp (POT.TO: Quote) tumbled 3.2 percent to C$53.78, Suncor Energy (SU.TO: Quote) fell 1.7 percent to C$42.21 and Teck Resources TCKb.TO lost 3.1 percent to C$51.57.

Weighing on the market was a drop in prices for U.S. crude oil, gold and copper ahead of the U.S. Federal Reserve's interest rate announcement later in the day. [O/R] [GOL/] [MET/L]

Commodity stocks have generally lagged the recent sharp climb in resource prices because of skepticism about how long those high prices can be sustained, said John Kinsey, portfolio manager at Caldwell Securities.

"The economic news worldwide isn't all that good and I think people are just generally nervous," he added.

Gold miners reversed early gains, falling 0.4 percent. Barrick Gold Corp (ABX.TO: Quote) was down 0.2 percent at C$47.68 despite reporting a 22 percent increase in quarterly profit, driven largely by the surge in bullion prices. [ID:nN27110953]   Continued...